As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to pay close attention to technical indicators and chart patterns when considering new investments or assessing the health of current holdings. The TD Sequential indicator, as mentioned in this article, has proven to be a reliable tool for identifying potential trend reversals in various assets, including Dogecoin.
As a cryptocurrency analyst, I’ve been closely monitoring the market trends, and according to my analysis using the pseudonymous TD Sequential indicator, Dogecoin, the foremost meme coin, is displaying a noteworthy buy signal on its three-day chart.
The chartist has predicted that the price of DOGE could experience a rebound in the near future.
Technical analysts utilize the TD Sequential as a potent method to identify when an asset may be about to change its direction in trend. Introduced by Tom DeMark, founder and CEO of DeMark Analytics, in his 1994 book “The New Science of Technical Analysis,” this tool has become a valuable resource for market analysis.
This strategy has two key elements: the initial phase, which involves nine candles and is referred to as the setup or momentum stage, and the subsequent phase, which comprises 13 candles and is called the countdown or trend exhaustion phase. The indicator indicates a potential shift in trend direction when the countdown nears a particular threshold. However, for the countdown to begin, it’s essential that the initial setup is first established.
At press time, the price of the leading meme coin has remained flat over the past 24 hours.
According to U.Today’s report, Dogecoin achieved a significant feat this week as the number of its wallet addresses surpassed the 90 million mark.
Although the hype surrounding meme coins has diminished since earlier this year, there isn’t yet a significant factor driving up their prices.
Last month, Brad Garlinghouse, CEO of Ripple, voiced his concerns about Dogecoin during an interview with U.Today. He expressed the view that the Bitcoin parody coin wasn’t beneficial for the crypto industry as a whole. Despite continuous criticism and being considered somewhat lighthearted, Dogecoin still holds a significant position in the market, with a market capitalization of $17.7 billion, placing it among the top 10 digital currencies on CoinMarketCap.
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2024-06-30 21:23